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GBP/USD slides down from Asian highs

FXStreet (Moscow) - GBP/USD never stopped sliding since the moment it opened the day at 1.6020; currently, it is trading at 1.5973.

Although the pound was not able to show a full-blown recovery on the released yesterday UK labor data, the readings confirmed the British economy is still in good shape, and Q2 peak activity is starting to translate into faster wage growth. If the trend continues, and the pace of average earnings growth speeds up, the market may start to price-in the BOE rate hike in the first quarter of the next year. However, so far the market prefers to keep the pair close to yearly lows, as more positive data is needed in order to convince investors. Lack of UK releases may focus the pair at the American reports.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5988, with support below at 1.5906, followed by 1.5793 and 1.5711 with resistance above at 1.6101, followed by 1.6183 and 1.6296. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6047, and the daily 20EMA bearish at 1.6154. Hourly RSI is bullish at 54.

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